Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.<\/p>\n
Direct competitors are other yoga studios.<\/p>\n
Indirect competitors are other options that customers have to purchase from that aren\u2019t direct competitors. This includes gyms and health clubs. You need to mention such competition to show you understand that not everyone looking to practice yoga, will utilize a yoga studio.<\/p>\n
With regards to direct competition, you want to detail the other yoga studios with which you compete. Most likely, your direct competitors will be yoga studios located very close to your location.<\/p>\n
For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors\u2019 businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:<\/p>\n